Step 1 - sort the money - talk to bank about borrowing limits, knowing that these can change in a blink of the eye. If you can get a guaranteed borrowing amount GET THAT IN WRITING and the expiry date.
Step 2 - look at houses available. Set up list of criteria in 4 sections - 1) Must have 2) Nice 3) Nice but can do without 4) Dealbreakers. Get agreement from spouse and kids on these.
Step 3 - identify possible purchase. Then get council reports, engineering reports, architectural reports - and any other reports you think apply like flood prone land, possible future freeways, asbestos and other soil contamination etc. They are cheaper than remedial works - trust me on this.
Step 4 - start negotiations. If the house needs essential work, an estimate of price of the work (not from the REA) should form part of your calculations. If they want the $$ fast, expect to get a substantial discount for settlement in less than 60 days. Don’t allow REA to panic you into a fast decision. You might want to employ a purchasing agent - they charge a fee but do Steps 2, 3 & 4 for you once they have your criteria. As these are the difficult bits, this might be time/hassle effective.
Step 5 - pay up.
Step 6 - move in.
Step 7 - discover all the stuff that you should have done in steps 2, 3 and 4 above. Scream and regret not having a father/brother/sister/cousin with electrical/gas fitting and other general trade qualifications.
Step 8 - install petunias
Source: purchased just before the pandemic. Yes I did employ a purchasing agent cos I was ignorant/out of date of all that stuff. Seamless experience which I recommend. They even went to the auction and bid for me (within the limits I’d set) so I didn’t have to panic about that either.
Happy to provide. The firm is Select Property Advisers based south of the yarra but can act all over Melb. My agent was Michelle. She was an REA for twenty plus years and left industry in disgust, but has vast knowledge of the dodgy tricks other REAs try on newbies routinely. She was a tireless advocate for me. I purchased with full knowledge of what needed to be done in the next 5 years, the next 10 years as separate categories to help me with the purchasing decision, and generally went out of her way to ensure I got the best possible place for my price range. All my criteria were met, and the price at auction was actually a bit less than I was expecting. I think she scared the REA conducting the auction into good/legal behaviour.
Thanks. The criteria bit has been discussed at much length. The no. 1 bit how much can we really is the biggest right now. Needs an app with 🐏 or similar.
Step 1 - sort the money - talk to bank about borrowing limits, knowing that these can change in a blink of the eye. If you can get a guaranteed borrowing amount GET THAT IN WRITING and the expiry date. Step 2 - look at houses available. Set up list of criteria in 4 sections - 1) Must have 2) Nice 3) Nice but can do without 4) Dealbreakers. Get agreement from spouse and kids on these. Step 3 - identify possible purchase. Then get council reports, engineering reports, architectural reports - and any other reports you think apply like flood prone land, possible future freeways, asbestos and other soil contamination etc. They are cheaper than remedial works - trust me on this. Step 4 - start negotiations. If the house needs essential work, an estimate of price of the work (not from the REA) should form part of your calculations. If they want the $$ fast, expect to get a substantial discount for settlement in less than 60 days. Don’t allow REA to panic you into a fast decision. You might want to employ a purchasing agent - they charge a fee but do Steps 2, 3 & 4 for you once they have your criteria. As these are the difficult bits, this might be time/hassle effective.
Step 5 - pay up. Step 6 - move in.
Step 7 - discover all the stuff that you should have done in steps 2, 3 and 4 above. Scream and regret not having a father/brother/sister/cousin with electrical/gas fitting and other general trade qualifications. Step 8 - install petunias
Source: purchased just before the pandemic. Yes I did employ a purchasing agent cos I was ignorant/out of date of all that stuff. Seamless experience which I recommend. They even went to the auction and bid for me (within the limits I’d set) so I didn’t have to panic about that either.
Could I trouble you to share your purchasing agent? Here or perhaps DM if you prefer. :)
Happy to provide. The firm is Select Property Advisers based south of the yarra but can act all over Melb. My agent was Michelle. She was an REA for twenty plus years and left industry in disgust, but has vast knowledge of the dodgy tricks other REAs try on newbies routinely. She was a tireless advocate for me. I purchased with full knowledge of what needed to be done in the next 5 years, the next 10 years as separate categories to help me with the purchasing decision, and generally went out of her way to ensure I got the best possible place for my price range. All my criteria were met, and the price at auction was actually a bit less than I was expecting. I think she scared the REA conducting the auction into good/legal behaviour.
Thanks. The criteria bit has been discussed at much length. The no. 1 bit how much can we really is the biggest right now. Needs an app with 🐏 or similar.
Thanks for the petunias 🌸